GRANDJOY(SZ:000031)2022-04-11 16:00Financial Performance - The company reported a total revenue of RMB 10.5 billion for the year 2021, representing a year-on-year increase of 15%[18]. - The net profit attributable to shareholders was RMB 1.2 billion, showing a growth of 20% compared to the previous year[18]. - The company's operating revenue for 2021 was ¥42,614,497,358.92, an increase of 10.84% compared to ¥38,445,284,255.56 in 2020[24]. - The net profit attributable to shareholders in 2021 was ¥107,510,183.02, a significant turnaround from a loss of ¥386,833,565.96 in 2020, representing a 127.79% increase[24]. - The net profit after deducting non-recurring gains and losses was ¥41,172,691.93 in 2021, compared to a loss of ¥501,185,321.39 in 2020, marking an increase of 108.22%[24]. - The comprehensive gross profit margin decreased to 27.44%, down 4 percentage points from the previous year, with gross profit amounting to 11.692 billion yuan, a decrease of 3.97 billion yuan, or 3.28% year-on-year[44]. - The company recorded a net profit of 767 million yuan, a decrease of 31.65% year-on-year, impacted by impairment provisions for project assets due to a slowdown in new home sales and price pressures[44]. - The total sales revenue of 19 operational projects reached 25.99 billion yuan, a year-on-year increase of 40%, with total foot traffic of 206 million visitors, up 31% year-on-year[48]. Market Expansion and Strategy - The company plans to expand its market presence by entering three new cities in 2022, aiming for a 25% increase in market share[18]. - The management has set a performance guidance of 10% revenue growth for 2022, despite market uncertainties[18]. - The company is exploring potential mergers and acquisitions to enhance its portfolio, targeting assets valued at over RMB 2 billion[18]. - The company is focusing on a "light and heavy" development strategy, emphasizing light asset projects in first and second-tier cities[37]. - The company is expanding its land reserves with multiple acquisitions across key cities, indicating a strategic focus on residential and mixed-use developments[62]. - The company plans to continue its market expansion and land acquisition strategy to enhance its portfolio and drive future growth[62]. - The company aims to enhance overall operational efficiency and improve delivery quality in 2022[188]. Investment and Development Projects - The company has allocated RMB 500 million for research and development of new technologies in 2022, focusing on smart city solutions[18]. - The company acquired 100% equity of Foshan Pengyue Real Estate Co., Ltd., which will enhance its market presence and operational capacity[30]. - The company reported a total investment amount of 8,313.71 million CNY for the Beijing Xiangyunfu project, with a completion area of 99,053.54 m²[65]. - The company has ongoing projects in various cities, with a total planned construction area of approximately 2,000,000 square meters[92]. - The company plans to start 19 new projects in 2022, covering a total area of 3.03 million square meters, aiming for a sales target of CNY 80 billion[188]. - The company is currently developing the Zhangjiakou Education Town Project (Phase II) with a 65% equity ratio and a planned construction area of 302,570.84 square meters[101]. Financial Health and Cash Flow - The net cash flow from operating activities in 2021 was negative at -¥8,464,132,339.15, a decline of 186.24% compared to ¥9,814,109,859.72 in 2020[24]. - The company maintained a cash and short-term debt ratio of 1.44, indicating strong short-term solvency[42]. - The net debt ratio stood at 90.06%, with a liability-to-asset ratio of 70.31% after deducting advance receipts, reflecting a stable financial structure[42]. - The company has a financing balance of approximately 7,179.80 million yuan, with an average financing cost of 4.91%[130]. - The company has provided guarantees for mortgage loans amounting to approximately 1,420.03 million yuan, with no significant losses reported due to defaults[131]. Governance and Risk Management - The company has established a relatively complete governance structure in accordance with relevant laws and regulations, enhancing internal control systems[199]. - The company aims to enhance its brand reputation and influence through efficient operations and a strong market presence[132]. - The company has implemented risk management measures for derivative investments to mitigate foreign exchange and interest rate risks[167]. - The company signed interest rate swap contracts and forward contracts to manage risks associated with floating interest rates and exchange rate fluctuations[167]. - The company revised its Articles of Association to improve governance and incorporate party building work into its framework[200]. Sales and Revenue Generation - Revenue from residential property sales and primary land development accounted for 83.61% of total revenue, amounting to CNY 35.63 billion, up 9.38% from CNY 32.58 billion in 2020[142]. - The hotel business saw revenue of CNY 766.39 million, which is 1.80% of total revenue, reflecting a significant increase of 28.10% from CNY 598.26 million in 2020[142]. - The company reported a total of 1,200.00 square meters for the Hong Kong COFCO Tower project, with a 59.59% equity ratio[98]. - The cumulative sales area for the projects in Kunming was 68,360.82 square meters, generating sales revenue of 59,204.14 million yuan in 2021[113]. - The total sales area for the projects listed in 2021 reached 1,052,000 square meters, with a total sales amount of approximately 1,200 million yuan[113].